Hawaiian Telcom Holdco, Inc. said Tuesday net income for the second quarter was $500,000, or 4 cents per share, down from $2.2 million, or 20 cents per share, in the second quarter of 2014.
The state’s largest phone company said the decrease was due to significant investments in the company’s broadband network.
Revenue for the utility was $96.2 million for the second quarter down from $96.8 million in the second quarter the year prior. The company had a 9.6 percent drop in its land-line business from a year earlier.
The company saw consumer revenue growth with its Hawaiian Telcom TV and high-speed internet services, the utility said. Consumer revenue increased 4.2 percent year-over-year to $37.9 million.
The growth was driven by an increase in video and high-speed Internet revenue.
“Our second quarter operating fundamentals are strong, laying a firm foundation for future revenue growth,” said Scott Barber, Hawaiian Telcom’s president and CEO. “We continued to see industry leading growth in our consumer channel with healthy demand for our Hawaiian Telcom TV and high-speed Internet services.”
The utility added over 2,200 subscribers to Hawaiian Telcom TV during the quarter. The company has a total of 31,900 subscribers.
Hawaiian Telcom is gradually adding to the neighborhoods where its service is available for purchase. The service was offered to 175,000 homes on Oahu, for an increase of 9,000 households in the second quarter.